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Sep. 11, 2005
Copyright © Las Vegas Review-Journal


INSIDE GAMING: Urban core could click in Harmon corridor

An unplanned and unforseen urban core is unfolding along Harmon Avenue, and urban planners say it will transform Las Vegas forever. Public officials have been talking for years about an urban core developing around Fashion Show mall and The Venetian. But investor and consumer demand has more than 30,000 units likely to sprout between the Hard Rock Hotel and the CityCenter/Cosmopolitan complex at Harmon west of the Strip. There are more coming on the other side of Interstate 15. With the 20,000 units in the Aladdin, Bellagio, Bally's/Paris Las Vegas and MGM Grand already hugging the intersection, they promise to redefine the Strip and what will be urban Las Vegas even more radically than did Caesars Palace and The Mirage, the two previous transforming developments for Las Vegas.

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Analysts trying to track Wynn Las Vegas say local developer Steve Wynn is doing better with his new resort than expected and accelerating his lead on expectations faster than he did with Bellagio. Without firm numbers to go on, they say May was rollicking for Wynn and June was "normalizing." The new $2.7 billion resort fell in line with long-run expectations. Since then, surveys suggest his rooms have been renting at a premium to his competitors, his casino volumes are holding and increasing, his restaurants and shops are drawing high-spending gawkers and his shows are beginning to get their footing.

Neighbors say the Stratosphere has been trying to buy up nearby parcels on both sides of the Strip. Sources say owner American Real Estate Partners is proceeding to clean up eminent domain issues, after which it should announce development plans for a condominium project with up to 3,000 units on the east side of the Strip. Other possible developments could include a new 1,000-room hotel tower and a 100,000-square-foot casino expansion. A Stratosphere spokesman said the company, like the rest of the industry, is researching the best way to use and grow its assets.

Without fanfare, Green Valley Ranch opened its first poker room Aug. 16 and it's proved to be a roaring success. With the 11-table poker room operating at 90 percent capacity, compared with a 50 percent average for locals casinos, owner Station Casinos has taken a leading share of the Las Vegas locals poker market. Further, it has driven business to the other areas of Green Valley Ranch. With 12 percent of the market, this is second-busiest among off-Strip poker rooms, behind The Orleans, whose 35-table poker room has 20 percent of locals poker and operates at 75 percent capacity.

Gaming Wire Editor Rod Smith can be reached by e-mail at rsmith@reviewjournal. com, by phone at 477-3893 or by fax at 387-5243.


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